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Crypto – Bitcoin slips further after sharp warning from JPMorgan boss News

Wednesday, September 13th, 2017 | Economy

On Wednesday afternoon, the digital currency on important internet exchanges stood just barely over 3800 US dollar – about 9 per cent less than on the already weak previous day. However, strong fluctuations in this currency are not uncommon.
Was the Dimon now? #Bitcoin -7.5% -> about 3.830 $ https://t.co/3l8CTDMQuS pic.twitter.com/ElaJXCPxoX
– egghat (@egghat) 13 September 2017
"It's a fraud," Dimon said on Tuesday at an investor conference in New York to Bitcoin. The recent rise in the digital currency is worse than the tulip bubble in the 17th century and will not end well. The head of JPMorgan thus played on the speculation with tulip worms in Holland. The price of flowers rose to astronomical heights until the market collapsed abruptly.
At the beginning of the year a Bitcoin had still cost 1,000 dollars. By early September, the price had risen to nearly $ 5,000. However, there were always intermittent burglaries. This unpredictability and the sometimes violent fluctuations of the day had called for many critics.
When one of his people started acting with Bitcoin, "I'd fire him within a second," Dimon said. The manager is considered to be one of the most influential bankers in the world and has long been at the forefront of the largest US bank. This applies "for two reasons: it is against the rules, and it is stupid, and both grounds are dangerous."
There are few reasons to use bitcoin, Dimon said. "If you live in Venezuela, or in Ecuador, or in North Korea, or in some other similar corner, or if you're a drug dealer, a killer or something, you're better off with Bitcoin than with US dollars," said Dimon. "There may be a market for this, but it would be a limited market."
The Bitcoin was created almost ten years ago. Bitcoins are generated in computing processes and traded on platforms on the Internet against classical currencies. The Bitcoin system uses the blockchain technology – an encrypted database that stores all transactions.
Unlike traditional currencies, bitcoin is not subject to any control by states or central banks. Critics make this property negative, advocates praise independence. Besides the Bitcoin, there are a large number of other digital currencies such as Ethereum, Monero and Ripple.
(AWP)

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